Carryover stocks of oil flax in Canada will be a record

Ag Canada expects Canada's oil flax stocks to reach 275,000 tonnes by the start of the 2023-24 crop year. According to traders, flax producers should not expect significant price changes in the new season. Prices have leveled off after falling 36 percent in 2022-23 and are likely to stay there. “Canada will enter MY 2023-24 with a large amount of ending stocks, which should leave the values unchanged for now,” an industry expert said. Mike Aller, director of Western Canada at DG Global, agrees with this assessment. “Honestly, I don't see flax prices changing much at all,” he said. And this despite a significant reduction in space. Statistics Canada estimates that growers planted 609,000 acres of crops, down 22 percent from last year. This is the smallest figure in the last 73 years. Aller said that Canadian prices have been reduced due to "enormous competition" from the Black Sea region. Black Sea flax is sold to China at a discount of $70 to $80 compared to Canadian flax. Some ...